Auto Financing Sets Record Highs in U.S.

In the fourth quarter of 2014, 84% of new-car purchases and a record 52% of used-car deals were financed, according to Experian Automotive.

Average loans in October-December jumped $950 to a record $28,400 for new cars and $437 to $18,400 for used cars.

Experian says the average monthly payment for a new vehicle in the period hit a record $482. Average lease payments declined $12 to $408.

Consumer credit scores for new-car buyers slipped 3 points to an average 712 for the period. The average rose 2 points to 648 for used-car customers.

Experian says the average term for new- and used-car loans grew to 66 months and 62 months, respectively, at the end of 2014. The firm notes that Ally Financial Inc. and Toyota Motor Corp. are offering 84-month loans to select customers.